Nomad Restarts Cross-chain Bridge Progress

December 8, 2022 - Around 2 mins mins to read

On December 7, according to the official announcement, Nomad, a cross-chain interoperability protocol, released a cross-chain bridge restart guide.

Nomad Restarts Cross-chain Bridge Progress

At present, the upgrade of smart contracts has been completed, KYC verification has been started, and front-end testing is in progress. Cross-chain and minting NFT functions are temporarily unavailable.

1/ The Nomad team would like to share a more in-depth guide on how the bridge relaunch will actually work: https://t.co/ukwRsxV8em

Before the bridge relaunches and users will be able to mint their NFTs, we’d like to kick off the KYC/KYB verification process. Here’s how ????
— Nomad (⤭⛓????) (@nomadxyz_) December 7, 2022

This smart contract upgrade mainly fixes the vulnerability that caused the Nomad token bridge to be hacked and allows users to bridge madAssets and get a proportional return of funds.

There are three steps for users to bridge assets:

Submit KYC information;
Bridge back and receive NFT;
Use NFT to access recovered funds.

Users can now start submitting their KYC for verification. KYC verification will be done by Coinlist, and the process is expected to take 1-7 days for individuals and 1-3 weeks for other entities (companies, DAOs, etc.).

Once users receive notification that KYC has been approved, users will be able to bridge madAssets (and subsequently mint NFTs) within 48 hours.

Previously, Nomad had stolen nearly $200 million due to a contract loophole in August. In September, it announced that it would release the code to restart the cross-chain bridge after completing the audit.

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